Nippon India Money Market Fund Direct Growth Review 2026: NAV, Returns, Portfolio & Should You Invest?

Nippon India Money Market Fund Direct Growth Plan has a current NAV of ₹4542.9654 as of 03 September 2026 and scheme AUM of ₹23,227 Cr. Its 1-year, 3-year and 5-year returns are 6.62%, 7.46% and 6.76% respectively, and the scheme sits in the Medium Risk bucket. Our view is that this is a steady debt fund for investors who want relatively controlled movement and are comfortable with money-market style returns rather than sharp upside.

The benchmark comparison is mixed, with the fund holding up better over 5 years and 3 years, while the most recent 1-year period is still positive but more modest. The portfolio is built around certificates of deposit and treasury bills, so the return pattern is shaped more by short-duration credit and money-market instruments than by equity-style growth.

Quick facts

Particular	Details
NAV	₹4,542.9654 as of 03 Sep 2026
AUM	₹23,227 Cr
Expense Ratio	0.22%
Launch Date	01 Jan 2013
Risk Category	Medium Risk
Benchmark	Nifty 50
Fund Category	Debt
Exit Load	No exit load after holding period
Fund Managers	Vikash Agarwal

The fund is managed by Vikash Agarwal.

Source data date: as of 03 Sep 2026

Performance

Period	Fund return	Benchmark return
1M	0.67%	-3.01%
3M	2.26%	1.95%
1Y	6.62%	-4.4%
3Y	7.46%	5.74%
5Y	6.76%	6.27%

Recent behaviour has been constructive, with the fund staying positive over 1 month, 3 months and 1 year. The 1-month and 3-month trends show a fairly calm path with small step-ups rather than sudden jumps, which fits a money-market mandate and helps explain why the return profile looks steadier than an equity-style product.

Compared with the benchmark, the fund is ahead across the longer horizons that matter most for evaluation here. The 1-year return is notably stronger than the benchmark’s negative reading, while the 3-year and 5-year figures are also higher. That tells us the scheme has protected and compounded better than the benchmark over time, even though the benchmark can look less comparable to a debt fund in some windows.

The longer-term picture is better than the short-term one if we compare the pattern rather than just the headline figures. The 3-year return at 7.46% is stronger than the 5-year return at 6.76%, so the recent compounding pace has been slightly better than the full five-year average. The underlying move pattern also suggests moderate volatility rather than a straight line, which is common for money-market portfolios that reprice with rates and short-term instruments.

For investors, the important point is that the scheme has not relied on one sharp year to build its record. It has produced a relatively even return path, and that matters for cash-management style allocations where consistency is often more useful than excitement.

Source data date: as of 03 Sep 2026

Should you BUY or HOLD Nippon India Money Market?

A fund's past returns alone don't tell you whether you should buy it today or continue holding it.

The right decision depends on factors such as your current allocation, purchase price, risk profile, investment horizon and the role this fund plays in your overall portfolio.

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Peer comparison

Fund	1Y return	3Y return	5Y return
Nippon India Money Market Fund Direct Growth Plan	6.62%	7.46%	6.76%
Union Money Market Fund Direct Growth Plan	6.87%	7.26%	6.47%
Bank of India Money Market Fund Direct Growth Plan	6.75%	Data not available	Data not available
LIC MF Money Market Fund Direct Growth Plan	6.75%	6.84%	Data not available
Tata Money Market Fund Direct Growth Plan	6.74%	7.57%	6.83%
Bandhan Money Market Fund Direct Growth Plan	6.72%	7.45%	6.66%

This assessment is prepared by Uniapps Investment Adviser Pvt. Ltd. under SEBI Registered Investment Adviser registration INA000017639.

The current fund’s 1-year return is close to the better peer results but not clearly ahead of the strongest recent numbers in this group. Over 3 years, it is slightly above the peer set shown here, and over 5 years it is also ahead of the peers with available long-term figures. That makes the longer-horizon case a little stronger than the short-horizon case.

Short-term comparisons are tighter because several peers are clustered in a narrow band around the mid-6% area. The longer-term comparison gives more room to separate the fund from the group, and on those horizons this scheme looks more resilient than the peers with available 3-year and 5-year data. The pattern is therefore more balanced than aggressive: competitive recent returns, and a somewhat firmer long-term edge.

Source data date: as of 03 Sep 2026

Portfolio: where your money goes

Holding	Sector	Weight
National Bank for Agriculture and Rural Development**	Certificate of Deposit	7.36%
182 Days Tbill	Treasury Bills	6.81%
Punjab National Bank**	Certificate of Deposit	6.31%
Indusind Bank Limited**	Certificate of Deposit	5.2%
Small Industries Dev Bank of India**	Certificate of Deposit	5.08%
UCO Bank**	Certificate of Deposit	3.49%
Canara Bank**	Certificate of Deposit	3.39%
Small Industries Dev Bank of India	Certificate of Deposit	3.22%
Union Bank of India**	Certificate of Deposit	3.12%
HDFC Bank Limited	Certificate of Deposit	2.73%

The top 10 holdings account for approximately 46.71% of the portfolio.

To see all holdings, visit the Nippon India Money Market Fund Direct Growth Plan page

The largest holding, National Bank for Agriculture and Rural Development**, carries a weight of 7.36%, so it may have more influence than any single position below it. The fall from the first holding to the tenth is not abrupt, but it is meaningful: the tenth holding is 2.73%, which shows that the fund spreads exposure across several short-term instruments rather than relying on one dominant bet.

That structure may help reduce dependence on a single issuer, but the top 10 still account for 46.71% of the disclosed portfolio. With 48 holdings in total, the scheme looks moderately spread out, yet the larger positions remain important enough that changes in short-term rates or credit conditions could affect returns through those holdings first.

The mix is tilted heavily toward certificates of deposit, with treasury bills also visible in the top set. That combination usually points to a portfolio designed for liquidity management and controlled duration exposure, which is consistent with the fund’s relatively stable return path.

Source data date: as of 03 Sep 2026

Who should invest

This fund fits investors who are comfortable with Medium Risk and want a debt allocation that has shown a steadier return pattern over 1, 3 and 5 years. The 3-year and 5-year numbers suggest the scheme has handled longer stretches better than the benchmark, while the recent 1-year result shows that the fund can still keep pace in more current conditions.

We think the natural fit is a shorter to medium holding horizon where stability, liquidity and relatively controlled movement matter more than maximum return. The main trade-off is that the portfolio is built for consistency, so investors should accept modest upside compared with equity-oriented funds and even some sharper-return debt alternatives.

Tax and exit load

Holding period	Tax rate	Description
Units held less than 1 year	20%	Short-term capital gains tax
Units held more than 1 year	12.5%	Long-term capital gains tax

No exit load after holding period.

Source data date: as of 03 Sep 2026

Frequently asked questions

What is the current NAV of Nippon India Money Market Fund Direct Growth Plan?
Its current NAV is ₹4542.9654 as of 03 September 2026.

What are the fund’s 1-year, 3-year and 5-year returns?
The fund’s 1-year return is 6.62%, its 3-year return is 7.46%, and its 5-year return is 6.76%.

How does the fund compare with its benchmark?
It is ahead of the benchmark across the 1-year, 3-year and 5-year periods shown here. The gap is most visible over 1 year, where the fund stayed positive while the benchmark was negative.

How does it compare with peer funds?
Its 1-year return is close to the better peer readings, while its 3-year and 5-year returns are stronger than the peer figures available in this comparison set. That makes the long-term case more persuasive than the short-term one.

What is the minimum SIP amount?
The minimum SIP amount is not specified here, so we do not state one.

Who manages the fund and what is the exit load?
Vikash Agarwal manages the fund. No exit load applies after the holding period.

Bottom line

Nippon India Money Market Fund Direct Growth Plan has a steadier longer-term record than its benchmark, and its recent return path still looks orderly rather than erratic. Against the peer set shown here, the fund is competitive on 1 year and looks a little stronger on the longer horizons where compounding matters more. The portfolio is concentrated in certificates of deposit and treasury bills, which supports its money-market character and explains why it is better suited to investors seeking controlled debt exposure than high-return chasing.

Published on 4 September 2026 at 9:57 AM IST

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RIA disclosure

Mutual fund investments are subject to market risks. Read all scheme-related documents carefully before investing. This review is prepared by Uniapps Investment Adviser Pvt. Ltd. (earlier known as Uniapps Global Research Pvt. Ltd.) under SEBI Registered Investment Adviser registration INA000017639 for general informational purposes and is not personalized investment advice.